WHAT IS AN ESTATE PLAN?

What is estate planning?

The Definition of Estate Planning

“I want to control my property while I’m alive, take care of me and my loved ones if I become disabled, and give what I have, to whom I want, the way I want, and when I want.  Furthermore, if I can, I want to save every last tax dollar, professional fee, and court cost legally possible and leave a meaningful legacy that preserves my values, stories and heritage for future generations.”

In its most basic form, estate planning is the process of preparing for the possibility of your mental incapacity and your eventual death.  Estate planning, however, is about far more than death and disability—through estate planning, you shield your legacy.  You work your whole life to care for and protect your family.  All your efforts can be wasted if you fail to plan accordingly.  Using a wide variety of estate planning tools, you can preserve your assets for future generations, protect your family’s inheritance from creditors, bankruptcy and divorce, spare your family the expense and delays of probate, set forth your wishes as to your children’s guardianship, and ensure a trusted loved one is able to make critical decisions concerning your finances and healthcare.  This is the true definition of estate planning—taking control of and defining and protecting your legacy.

Do I really need an estate plan?

Oftentimes, people will ask me, do I really need an estate plan?  The answer is always unequivocally yes.  Everyone needs an estate plan.  Everyone has wishes and concerns that they need to set forth to their loved ones so that they are honored.

To illustrate the importance of an estate plan understand that if you fail to create your own estate plan spelling out how you want to control your assets and your life decisions, the probate court of Massachusetts will decide for you.  That’s right, you already have an estate plan in place courtesy of the Commonwealth of Massachusetts.  So please know that if you want to have control of who takes care of your children or how your assets get passed along at death or who will make health care decisions in case of incapacity you need to create your own estate plan.